Search Results for "additional income"

Here’s what we’ve found

Income Tax – £5,000 savings zero rate band

Income Tax – £5,000 savings zero rate band

For the 2023-24 tax year, no tax on interest if income is under £17,570. Tapered relief for income between £12,570 and £17,570. Personal Savings Allowance (PSA) offers tax-free limits. Taxpayers overpaying on savings interest can reclaim within four years, with a deadline of 5 April 2024 for 2019-20 claims.

read more
Scottish Budget 2024-25

Scottish Budget 2024-25

Scotland’s Finance Secretary, Shona Robison, presented her first Budget, addressing economic challenges post-Brexit. New tax bands aim to raise £1.5 billion in additional Income Tax revenue. Land transaction taxes remain stable. Approval by the Scottish Parliament is pending.

read more
Checking your Simple Assessment tax bill

Checking your Simple Assessment tax bill

Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable straight forward tax affairs. The Simple Assessment notice of liability

read more
Investment v costs

Investment v costs

Distinguish between daily costs and strategic investments. Safeguard impactful expenses in 2024 planning, but be cautious about reducing vital investments. Seek expert guidance for effective financial strategies and recovery.

read more
Fiscal drag explained

Fiscal drag explained

You may have encountered this phrase, fiscal drag, in recent weeks, particularly if following the Autumn Statement announcements last week. Read more to understand the impact it has on disposable income.

read more
Post cessation transactions

Post cessation transactions

Tax relief may be available for post-cessation expenses of a trade. To be an allowable post-cessation expense the trade must have ceased and the expense must have been deductible in calculating the trading profits.

read more
Interest on children’s savings

Interest on children’s savings

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results in them receiving bank interest of more than £100 (before tax).

read more
Tipping boost

Tipping boost

The government’s Tipping Act is a step closer to coming into force, as the Code of Practice is published and laid before Parliament. The new Code of Practice will protect the tips of more than 2 million workers giving them a fair share of the tips

read more

Not found what you’re looking for?

Let us know what information you need and we’ll do all we can to help